HomeMy WebLinkAboutContract 54735 CSCO No.
TRANSPORTATION IMPACT FEE CREDIT AGREEMENT CSC No.54735
THIS TRANSPORTATION IMPACT FEE CREDIT AGREEMENT (the
"Agreement") is made and entered into effective as of the Effective Date (as defined
below), by and among THE CITY OF FORT WORTH, TEXAS (the "City"), a Texas
home rule municipal corporation, and Retail Corners, LLC, a Texas limited liability
company authorized to do business in Texas, and Equity Trust Company Custodian
FBO SEP IRA Account No. xxxxx8055 (collectively, the "Owner") (the City and the
Owner a "Party", and collectively, the "Parties"').
RECITALS
WHEREAS, the Owner is the owner of approximately 8.11 acres in Tarrant
County, Texas, as described by metes and bounds in Exhibit "A" (the "Property")
located within the corporate boundaries of the City. A map of the Property showing its
location is attached hereto as Exhibit "B"; and
WHEREAS, the Owner desires to proceed with development of the Property as
described or illustrated on the Development Plan, attached hereto as Exhibit "C",
which identifies the on-site and/or off-site transportation facilities necessary for serving
full development of the Property; and
WHEREAS, the City has adopted a Transportation Impact Fee program
pursuant to Texas Local Government Code Chapter 395, codified in City Code Chapter
30, Article VIII, et seq., as amended, under which impact fees are imposed on new
development for impacts to the City's transportation facilities as a result of said
development; and
WHEREAS, transportation impact fees are collected and must be spent by the
City on impact fee eligible transportation facilities identified within the City's adopted
Transportation Improvements Plan ("TIP"), as amended, within the service area(s) in
which the new development is located; and
WHEREAS, the Impact Fee Program provides for credits against impact fees for
dedication of right-of-way and/or construction of transportation improvements
identified as impact fee eligible on the adopted TIP; and
WHEREAS,the Property is located within service area E; and
WHEREAS, the City has determined the maximum transportation impact fees to
be assessed against new development within service area E to be $3,449 per service unit
(vehicle-miles of demand); and
OFFICIAL RECORD
CITY SECRETARY
Transportation Impact Fee Credit Agreement-CA-19-012 FT.WORTH, TX Page 1 of 12
Retail Corners 2/15/19 Version
WHEREAS, certain transportation facilities depicted on Exhibit "D" are
identified as impact fee eligible within the City's adopted TIP and therefore eligible for
impact fee credit; and
WHEREAS, Owner has agreed to dedicate the right-of-way and/or constructed
the transportation improvements shown on Exhibit "D" for which credits against
transportation impact fees shall be granted; and
WHEREAS, the Owner has received the following preliminary plat approval:
Retail Corners Addition, PP-18-066, approved on November 18, 2018; and
WHEREAS, the Owner has dedicated 207 square feet of right-of-way for eligible
arterial, Bailey Boswell Rd, with the following final plat:
Retail Corner Addition (Block 1 - Lot 4), FP-19-006, recorded as
Instrument D219080784 recorded April 18, 2019; and
WHEREAS, the Owner has dedicated 8,079 square feet of right-of-way for
eligible arterial, Bailey Boswell Rd,with the following final plat:
Retail Corner Addition (Block 1 - Lots 1, 2, 3, and 5), FP-19-030, recorded as
Instrument D219281401 recorded December 6, 2019.
NOW, THEREFORE, for and in consideration of the mutual agreements,
covenants, and conditions contained herein, and other good and valuable consideration,
the City and the Owner hereby covenant and agree as follows:
1. Recitals. The recitals contained in this Agreement are true and correct as
of the Effective Date and form the basis upon which the Parties negotiated and entered
into this Agreement.
2. Transportation Improvements. Owner agrees to dedicate the rights-of-
way for and/or construct the system facilities identified in Exhibit "D". For any
transportation improvement which has been previously dedicated or constructed by
Owner on the Property and accepted by the City prior to execution of this Agreement,
the improvement shall be identified as completed on Exhibit"D".
3. Credits. The Parties agree that the estimated value of the credits for each
transportation improvement, expressed in current dollars, shall be as set forth in
Exhibit "E". The value of credits associated with the improvements first shall be
reduced by the Schedule 2 impact fee associated with any lot for which a building
permit has previously been issued, and the net value of credits shown on Exhibit "E"
shall be considered as exact.
Transportation Impact Fee Credit Agreement-CA-19-012 Page 2 of 12
Retail Corners 2/15/19 Version
4. Phasing. The Parties acknowledge that, where it is anticipated that the
project will be developed in phases, the anticipated construction of improvements by
phase shall be as depicted in Exhibit "D", which is attached hereto and incorporated
herein by reference.
5. Allocation of Credits by Phase. The general allocation of credits to each
phase of the development shall be as shown on Exhibit "F", which is attached hereto
and incorporated herein by reference. The Parties agree that the credits identified in
this Agreement shall not be deemed to have been created until the system facility for
which credit is to be granted has been dedicated and accepted (in the case of right-of-
way) or constructed through an executed Community Facilities Agreement and final
acceptance by the City has been obtained. The Parties further agree that, prior to the
application of a credit against transportation impact fees otherwise due for any unit of
development;the following events shall take place:
(a) The number of credits resulting from such improvement has been
valued; and
(b) Concurrent with final plat approval, a credit allocation shall be
provided by the developer for the phase of development to which the credit is to be
applied, which allocation may either assign the credit, expressed in dollars, to each
finally platted lot or may create a credit-pool to be utilized by that phase of
development.
6. Term and Effective Date. The initial term of this Agreement shall be ten
(10) years from its Effective Date.
7. Agreement to Run with the Land. Owner shall have the right to assign
this Agreement to any person or entity ("Owner's Assignee") with the written consent
of the City, provided: (a) the assignment is in writing executed by the Owner and its
assignee; and (b) the assignment incorporates this Agreement by reference and binds
the Owner's Assignee to perform (to the extent of the obligations assigned) in
accordance with this Agreement. Each Owner's Assignee shall become a Party to this
Agreement upon the execution of such assignment. In no event may this Agreement be
construed to authorize assignment of any credits attributable to a system facility to be
dedicated or constructed hereunder for use outside the boundaries of the Property.
S. Amendment. This Agreement shall not be modified or amended except as
follows:
(a) Any amendment or modification to this Agreement or any Exhibit or
schedule hereto shall be in writing and signed by the Parties.
Transportation Impact Fee Credit Agreement-CA-19-012 Page 3 of 12
Retail Corners 2/15/19 Version
(b) Any revision, amendment, or modification to this Agreement, the
Development Plan, or any Exhibit or schedule thereto, shall become
effective on the date executed by the Parties or, as applicable, upon the
date of approval by the City Council or designated city official.
9. Exhibits. The exhibits attached to this Agreement are incorporated as part
of this Agreement for all purposes as if set forth in full in the body of this Agreement.
10. Reimbursement. Owner has executed a Community Facilities Agreement,
recorded as City Secretary Contract 52078, which includes the construction of impact
fee eligible infrastructure improvements, specifically a right turn lane for eastbound
Bailey Boswell Rd at Old Decatur Rd. The transportation impact fee credit for the
eligible improvements will be deemed to have been created upon final acceptance of
those improvements by the City. Upon City acceptance of improvements and
application by Owner, this agreement will be amended to add the credit created by the
accepted infrastructure. Additionally upon request by Owner, City will refund any
transportation impact fees that have been paid for then-issued building permits within
the Retail Corners Addition, Final Plat FP-19-030, which can be offset by the total credit
earned through infrastructure construction.
(Remainder of Page Intentionally Left Blank)
Transportation Impact Fee Credit Agreement-CA-19-012 Page 4 of 12
Retail Corners 2/15/19 Version
IN WITNESS WHEREOF, the undersigned parties have executed this Agreement to be
effective as of the date subscribed by the City's Assistant City Manager..
CITY OF FORT WORTH,TEXAS OWNER
Retail Comers, LLC
a Texas limited liability company
Dana Burghdoff(Oct 23,20 8:23 CDT
Dana Burghdoff
Assistant City Manager mod..
Oct 23, 2020 David Harms
Date: Manager
Recommended By: Equity Trust Company FBO SEP IRA
Account No. xxxxx8055
DT ffrarrell
DJ Harrell(Oct 20,202016:41 CDT)
DJ Harrell David Hardesty,Beneficiary
Interim Director,Development Services
Approved as to Form and Legality:
DBlack(Oct 22,202017:46 CDT)
Douglas Black City Contract Compliance Manager:
Assistant City Attorney
M&C:None required By signing, I acknowledge that I am the
Form 1295:None required person responsible for the monitoring and
administration of this contract, including
�.0'db4an�
O o&*-on). ensuring all performance and reporting
00
ATTEST: ayA, ��pd� requirements.
�o
ono =d
� 1 dd
e
00�00000,�
bnnaao4 Leo Mantey(Oct 20,2020 16:39 CDT)
Mary J. Kayser Leonard Mantey
City Secretary Planning Manager
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH, TX
Transportation Impact Fee Credit Agreement-CA-19-012 Page 5 of 12
Retail Corners 2/15/19 Version
EXHIBIT LIST
"A" Description of the Property
"B" Map of Property
"C" Development Plan
"D" Eligible Transportation Improvements
"E" Credits Against Transportation Impact Fees
"F" Allocation of Credits
Transportation Impact Fee Credit Agreement-CA-19-012 Page 6 of 12
Retail Corners 2/15/19 Version
EXHIBIT A
Description of Property
BEING 7.051 acres of land situatPrl in the I. & G. N R.R CO SURVEY, Abstract No. 834, Fort Worth, Tarrant
County, Texas, and being comprised of the tract of land conveyed to Fquity Trust Company Custodian F13,
Account No. 083205, by the deed recorded in County Clerk's File No. D215159914, of the Official Public.Records
of I arrant Gounly, Texas. and also including all of tfre tract of laird conveyed to Retail Corners, LLC,by the deed
recorded in County Clerk's File No. ID217175215, corrected in D218003637, of the Official Public Records of
Tarrant County, and a portion of the tracts of land conveyed to Retail Corners, I i C, by the deeds recorded in
County Clerk's File No [3217175212. and D217175213,of the Official Public Records of Tarrant County. Texas.
Said 7.051 acres of land tieing more particularly described by metes and bounds as follows-
KllF-G1NNING at a 1W irwi rod found al the Northwest earner of said I quity trust Company Itact, recorded in
County Clerk's File No. D215159914, and said point lying at the intersection of the East right-of-way line of
Bryson Lane (a 60 foot wide public right of way) with the South right of way line of W. Bailey Boswell Road (a
120 foot wide public right-cif way),
I I IL NGf. N 89' 53'53"I_ 483 76 feet, along the South right-of-way line of said W Railey Boswell Road to
a Xz' iron rod marked "Briftain & Crawford' set at the Northwest corner of Lot 4. Block 1, Retail Corners
Addition,to the City of I ort Worth,Tarrant County.Texas, according to the plat recorded in County Clerk's File
No. D219080784, of the Official f'uhlic Records of Tarrant Cormty. I eras;
I iLNCL along the West boundary fine of said Lot 4, Block 1,as follows:
1 5 00"06'07"E 232.58 feet,to a MY iron rod marked"Briltain&Crawford"set:
2. N 89`21' 00"E 14.51 foot,to a '/2" iron rod marked"Britlain&Crawford"set-,
3 S 00`39'00"E 73.03 feet, to a'!:"iron rod marked"Brittain&Crawford"set at the Southwest comer of
said Lot 4. Block 1,
THENCE N 89'53' 53"E 152.34 feet, along the South boundary line of said t of 4, Rlock t,to a '/,-irnn red
marked "Brittain & Crawford" set at the Southeast corner of said Lot 4. Block 1, and said point lying in the
West right-of-way line of Old Decatur Road(a variable width public right-of-way),
THF]l S 00"40' 10"F 239.15 feet, to a 1W iron rod marked "Hrittain & Crawford" set at the Southeast
corner of the aforesaid tract of land conveyed to Retail Corners, by the deed recorded in County Clerk's I ile
No 0217175212. of ihf: Official Public Records of Tarrant County,Texas,,
THENCE S 89`05'45-W 651.22 feet. along the South boundary line of said Retail Corners Tract and the
North boundary line of I ots 1 and 2, Block 1, Miller Nixon Addition, to the City of Fort Worth. Tarrant County,
Texas, according to the plat recorded in County Clerk's File No. 0199258021,of the Official Public Records of
Tarrant County, Texas, to a '/f' iron rod found at the Southwest corner of said Retail Corners Tract and the
Northwest corner of said I of 1. Blark 1, Miller-Nixon Addition, and said point lying in the 1-ast right-of-way iirre
of the aforesaid Bryson Lane',
i I ILNCL N 00`24'49' W 553.64 feet, along the East right of-way line of said l3ryson Lane, to the POIN1
OF BEGINNING containing 7.051 acres(307,157 ware feet)of land.
"Transportation Impact Fee Credit Agreement-CA-19-012 Page 7 of 12
Retail Corners 2/15/19 Version
EXHIBIT B
Map of Property
eN
J
Q
VI
VM
0 L000
$�a � Q
r ) LL S31Ma+H
VJ r
o m-e 1 O
Q' Z z ;z0-
,- :Eo
0 I
O > --' O
�— CL W a W
W 1
2 � z 3
m W I
0- jy 0- 0
U
(00
i�
Transportation Impact Fee Credit Agreement-CA-]9-012 Page 8 of 12
Retail Corners 2/15/19 Version
EXHIBIT C
Development Plan
<� A — le r !CZ a,e
UOci
HII
iai !i! iI=, ��t till m!
I
� ilc 6��11r; � �E• r i I;;i�E3 i st�3e�! �J (;-: � t o=`
au
— I —�
€- -- u -- MT1DF-cnTLR ROAD I r s
22 (a vNe4Af•YOM WB:C pGn•_CI—M'AY:
c
4 sa of -a
d ae
���� �� I h s ernes a�•e xao.ox mi _ —
k e
� a=
4 6- E r v
NAYSON -
s�s
Transportation Impact Fee Credit Agreement-CA-19-012 Page 9 of 12
Retail Corners 2/15/19 Version
EXHIBIT D
Transportation Improvements
Retail Corners
Credit Agreement
Eligible Improvements
•
Dedica*d ROW /
- F(l);I VORT11
BAILEY BOSWEL_
rye'
14#.
01
i -
0
4"
I...
c
j U
W
- d
� Q
Eligible Improvements Limits
Bailey Boswell Rd ROWUdedication from Bryson
to Old Decatur
Transportation Impact Fee Credit Agreement-CA-19-012 Page 10 of 12
Retail Corners 2/15/19 Version
EXHIBIT E
Credits Against Transportation Impact Fees
Right-of-Way Valuation for Bailey Boswell Rd
2013 Transportatlen improvements Plan Project E-26
Estimated Constructior Costs born 2017 S8,109,000.00
Transportation Improvements,Plan
Value of Total Project Right-of-Way{20%of $1,621,800.00
Construction Cost)
Total Project Length(LF1 9,015
Arteriai Cross-Section Width(1F) 110
Addit=oval ROW needed for Roundabout I,SFI 0
Tatai Project Right-of-Way tSFI 881,650
Right-M-Way Value Per Square Foot $1.84
TAD Value as of 5/12119
7AD A:LC.L;1t 04344553 06750I09 04-144553
Date 10122/19 10/22/19 LO/22/19
Tma Area(SF) 54,101 31.66B 54,101
Appraised Value 5270,510.00 $29,O80.00 $270,510.00
Value per Square Foot $5.01 W9t $5.01
Right-of-Way Dedication for Bailey Boswell
Finai Plat FP-19-006 FP-19-030 FP-19-030
Instrument Number ED2190SO784 D219281401 CD219281401
Total area of ROW dedicated 207 sq ft 5,205 sq ft 2,874 sq ft
Value per SF t5.01 $184 $5.01
Credit $1,037.07 59.577.20 $14.398.74
Total Credit $25,013.01
Transportation Impact Fee Credit Agreement-CA-19-012 Page 11 of 12
Retail Corners 2/15/19 Version
EXHIBIT£
Allocation of Credits
Credit shall be allocated 02 a first-come, first-served basis within th e boundaries of the final plat
for Lots \ 2, 3 and 5 Block \ Retail Comers Adilon an addition mteCityo Fort Wow,
Tarrant County Texas, as mere as Instrument O219 81401int the Official Pubic Records of
Tarrant County, Texas.
v a, §. -
` §E!
4§ ,
- � § E . � •�! � � �, w
� ¢
. .
. , !
�I� � • .
-
�
' S
4� (� . -
.
\ ( �
�d - . I • K \ \
/
m
aG\ \
Transportation Impact Fee Credit Agreement-CA19012 Page Goi
Retail Corners 215/3 Version